Property selection strategies in Northern Cyprus
Scrutinizing the position of the property you intend to buy is an inevitable necessity in a satisfying investment. Try to purchase a property in which so called High-Growth Areas. In other words, the quality of the area that you wish to purchase directly affects the failure or success of investment and predict whether or not natural or legal entities look forward to buying your property.
For instance, if you invest in a neighborhood near one of the country’s universities, you will have the chance that after construction, your vacant units will be occupied by students and professors who live far from the university. You have bought near this university, you can even make it a dormitory (accommodation for students) or provide a sports field for students’ weekends.
In this regard, purchasing a property in city center seems to be a good offer as there is always a demand for it. The individual location of the property along with the location of the neighborhood is another important thing that you should concern about.
The location of the property either is situated near a city’s major transit routes like easy access to roads or two-corner interfaced and such these features cause your property’s value added increased Compared to other properties around that lack these features.
But not every property is worth the investment. To invest in real estate some vital factors should be considered as they bring higher profits to the investment. There are myriad of avenues to achieve the lucrative investment in real estate. Here are some tips to help with your decision making. We should say that there are many properties that you can invest in such as apartments, old house, plots of land, real estate (villas), office buildings, commercial property etc…
Investment in real estate should make a swift profits.
Many mistakenly think that return on investment is provided to long term period of time and renovation of the building or property. This is the reason why your investment fail to earn profits. But there is a fundamental requirement for a successful real estate investment.
You need to buy a profitable property to easily get back in investment. This means that what you receive (in the form of checks, mortgages) must cover what you spent.
Jim Ludwick, a financial planner and the founder of MainStreet Financial Planning, stated:
Invest in property that provides all your expenses within 10-month (loan payment, taxes, insurance and renovation’s costs).
Another important rule which should be considered in real estate investment is the 2% rule, a guideline often used in real estate investing to find the most profitable rental properties to buy. The idea is to only buy properties that produce monthly rent of at least 2% of the purchase price.